“The Phillies have been in the World Series the last two years,” Moorad said. “They sell out all of their ballgames at home. I certainly don’t begrudge them from signing a homegrown player to a lifetime contract. Furthermore, Ryan Howard did a deal that my guess is that no more than 2-3 teams in baseball would do. …

“It makes for a more exciting backdrop, but I don’t think it changes our circumstances one bit.”

Forbes’ annual estimate of franchise values shows a $76 million revenue gap between the Phillies and the Padres in 2009 ($233 million as compared to $157 million). Because it also shows the Padres with $32.1 million of operating income, fifth-highest in the game, a casual observer might conclude Moorad is sitting on a pile of cash sufficient to pay even Albert Pujols.

“I wouldn’t really have guessed the Padres would be in the top five in that category,” Boggs said. “Not knowing what the internal mechanics are in their organization, I can’t comment on that. But looking at the top five teams (Florida, Boston, Washington, the Los Angeles Dodgers and the Padres), it’s a bit surprising.”

Further analysis of Forbes’ fine print, however, shows the Padres are still carrying close to $200 million in debt, most of it the residue of Petco Park. Interest payments alone chew up more than half of that $32.1 million “profit.” Moorad has yet to open his books, but he continues to claim an $8 million loss for 2009. (Representatives of two national accounting firms and San Diego State’s Sports MBA program declined to comment on the Padres’ bookkeeping Wednesday, citing conflicts of interest.)

The bottom line, though, is this: the Padres are not prepared to spend nearly as much on Adrian Gonzalez as he might make on the open market. Knowing A-Gon’s next contract represents his best chance at staggering wealth, then, the club has little choice but to devise an exit strategy.

With multiple big-market teams clamoring for more power at first base, the bidding for Gonzalez figures to be brisk. With the slugger signed to a below-market contract — $4.75 million this season with a $5.5 million club option in 2011 — the Padres’ bargaining position is enviable. Management is mindful, too, that Gonzalez’s trade value will probably peak at this summer’s trade deadline, and that later trades will likely yield less.

Standing in the way, however, are the standings. Who worries about tomorrow when today finds you in first place?